HB 7006 Illinois House · 93rd Regular Session

PROP TAX-DEVELOPMENT-EXEMPTION

Summary

Amends the Property Tax Code. Provides that, beginning in taxable year 2004, all property of regional economic development corporations that is used exclusively for the charitable and public purpose of creating, facilitating, and encouraging economic development is exempt from property taxation. Defines "economic development corporation" as a not-for-profit corporation that receives more than 75% of its funding from taxing districts. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2004

Committee Review

Floor Vote

Governor

Introduced Feb 9, 2004 Last action Jan 11, 2005

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Apr 2, 2004

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Mar 4, 2004

Lower · Passed

Do Pass as Amended / Short Debate Revenue Committee; 009-000-000

lower

Mar 4, 2004

Lower · Passed

House Committee Amendment No. 1 Adopted in Revenue Committee; by Voice Vote

lower

Mar 4, 2004

Introduced

House Committee Amendment No. 1 Filed with Clerk by Revenue Committee

lower

Feb 24, 2004

Committee

Assigned to Revenue Committee

lower

Feb 9, 2004

Committee

Referred to Rules Committee

lower

0 primary · 1 co-sponsor